ATB Cormark Capital Markets Downgrades Akita Drilling (TSE:AKT) to Sector Perform

Akita Drilling (TSE:AKT) was downgraded by stock analysts at ATB Cormark Capital Markets from an “outperform” rating to a “sector perform” rating in a research report issued on Wednesday,BayStreet.CA reports. They presently have a C$4.25 price objective on the stock, down from their previous price objective of C$5.00. ATB Cormark Capital Markets’ price target indicates a potential upside of 21.08% from the stock’s current price.

Akita Drilling Stock Down 4.4%

TSE:AKT traded down C$0.16 during mid-day trading on Wednesday, reaching C$3.51. 108,399 shares of the stock were exchanged, compared to its average volume of 165,739. The company has a market capitalization of C$201.81 million, a PE ratio of 50.14 and a beta of -0.15. Akita Drilling has a 1 year low of C$3.30 and a 1 year high of C$4.00.

Akita Drilling (TSE:AKT) last issued its quarterly earnings results on Tuesday, August 4th. The company reported C($0.12) earnings per share for the quarter. The company had revenue of C$46.37 million for the quarter.

About Akita Drilling

AKITA Drilling Ltd. (AKITA) is engaged in providing contract drilling services, primarily to the oil and gas industry. The Company is involved in other forms of drilling, including potash mining and the development of storage caverns. The Company owns and operates approximately 31 drilling rigs in Canada. The Company manages its business through approximately two geographic regions, which include Canada and the United States. The Company specializes in the construction and retrofit of heavy oil pad drilling rigs associated with Steam Assisted Gravity Drainage (SAGD) operations.